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1) TapTap equity increased to 74.12%. The latest purchase of TapTap stake is 18.34%, valued at RMB 1.8 billion. Based on 2019 FY earnings that is around 9.24x PE. The latest purchase is cheaper than their prior purchase. That is good news. 2) Research and development expenses increased by 68.2% to RMB 218.1 million. This is mainly due to the increase of R&D personnel from 618 to 1065. They invested the money they earned back into TapTap and game development. This is very much needed because they currently have 11 games under study. 3) TapTap MAU increased by 52% (growth better than last year's 19.6%. Growth accelerated) Monthly active accounts of online games increased by 65.4% MPU increased by 52.2%. The growth is satisfactory, but TapTap is still in its early stages and monetization is still an experiment. 4) The...